Standard Chartered Bank Forks Out ZMW 200,000 for SME Capacity Building                                                                  

Daily news Reporter

Standard Chartered Bank Zambia has reaffirmed its unwavering support for the growth and advancement of Small and Medium-sized Enterprises (SMEs) by sponsoring ZMW 200,000 for SME capacity building training in Solwezi.

This collaborative effort, in partnership with Shoprite, underscores the bank's dedication to fostering sustainable development opportunities and impactful initiatives within the SME ecosystem.

Speaking during the launch of the capacity training programme hosted in Solwezi, which was graced by the Minister of Small and Medium Enterprise Development, Hon. Elias Mubanga, Standard Chartered Bank Head of Corporate and Investment Banking, Emmy Kumwenda, underscored the pivotal role played by SMEs in the economic growth of Zambia’s economy.

Ms Kumwenda stated that Standard Chartered’s investment of ZMW200,000 into the hosting of the SME Capacity Building Workshop reflects the bank’s commitment to seeing Zambian SMEs equipped with the right knowledge to enable them grow and expand.

"I hope SMEs utilize and put the knowledge they will gain to good use. We want to see more SMEs in Zambia adding value to their products and making it to our shelves both locally and internationally," Ms Kumwenda said.

Ms Kumwenda noted the challenges that SMEs face such as access to credit, markets and resources, lack of mentorship and financial knowledge among others.

“To address some of these issues we work with Micro Finance Institutions (MFIs) to reach SMEs, recognising that the MFIs may be better suited to service the SMEs. We have equally expanded our Agency Banking outlets to 150, with at least 80 SMEs provided with an alternative source of income, as well as providing the much-needed widespread depositor location,” she said.

Ms Kumwenda further stated that Standard Chartered was providing banking services to multinationals who are able to pass on the benefits to the small-scale suppliers by providing extended credit terms.

Standard Chartered Bank Zambia continues to demonstrate its commitment to enhancing entrepreneurship and the local business landscape through its support of SMEs and impactful programmes such as the Bank’s unique Women in Tech programme. As these initiatives progress, they are anticipated to foster the growth of SMEs and contribute to the overall economic development of the country.

The SME capacity training programme is being facilitated by a diverse pool of experts. It aims to address the common challenges and opportunities faced by SMEs, providing them with the necessary tools and knowledge to thrive in today's competitive business environment.